AES Brazil unit approves sale of $115.8 million of local bonds

Redacción de Reuters

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RIO DE JANEIRO, Nov 9 (Reuters) - The board of directors of AES Tiete SA, a Brazilian unit of U.S. electricity utility AES Corp, said on Monday it approved the sale of 440 million reais ($115.8 million) of local market bonds.

AES Tiete, which is in Brazil's Sao Paulo state, plans to use the money raised to pay down debt and fund improvements to its hydroelectric dams, the company said in a statement.